Economic Issues

The problem with the next recession

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The Presidential Ideas Festival was held May 21-23, 2019.

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October 17, 2019

David Wilcox

Hosted by David Leblang

The U.S. macroeconomy is fundamentally in very good shape as of mid-August. Nonetheless, there are many good reasons for concern. Some of those reasons are shorter-term and pertain to such issues as the intensifying conflict between the United States and the countries with which it trades. But one of those reasons is structural and mostly unrelated to short-term considerations. In particular, the business cycle has not been repealed. No one knows when the next recession will begin, but there is no doubt that there will be a next recession. Therein lies the problem. Neither monetary nor fiscal policymakers have adequate tools at their disposal currently to fight the next recession. Join former chief economist at the Federal Reserve David Wilcox and the Miller Center's David Leblang as they explore the sources and dimensions of the problem. Wilcox served as the deputy director of the Federal Reserve’s Board of Governors during the financial crisis in 2008 and will outline steps that could be taken to improve the current situation.